Agenda - 04-01-1992 - Laserfiche WebLink

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In our evaluation of Culbreth Park, we determined that the key factor to marketing delays experienced by the developer was finding qualified applicants for first mortgages. In March, 1991, the Board of Directors approved the hiring of an intern to create a Homebuyer Education and Counseling Program. Jennifer Taylor, a 1991 graduate of the UNC Department of City and Regional Planning, was hired for the summer and continues to work at OCHC as long as funding is available. Ms. Taylor spent several weeks gathering information about other homeownership seminars, and the first classes are scheduled to begin the first week of September, 1991. During the month of June, both Ms. Dyer and Ms. Taylor were busy working with the North Carolina Housing Finance Agency ( NCHFA) prequalifying potential buyers for the Resolution Trust Corporation auction of foreclosed properties. That auction, held on June 21 and 22, 1991, provided over 100 affordable properties in Wake, Durham, and Orange Counties for sale to the highest qualified bidder. Resolution Trust Corporation (RTC) is a federal agency created to oversee sales of properties taken as a result of savings and loan failures. Both RTC and NCHFA offered special financing for the auction, and representatives from non -profit corporations in all three counties met with buyers to determine their eligibility for the auction and the special financing as well as the maximum amount each buyer could bid at the auction. OCHC pre - qualified approximately 100 buyers for the auction. Other Activities Throughout the year, other groups interested in housing activities also requested assistance from OCHC. The Inter -Faith Council proposed that IFC and OCHC work together to submit an application for funds under the federal McKinney Act for the Homeless the create transitional housing for homeless persons. With the high cost of rental housing in southern Orange County, many individuals and families residing in the homeless shelter cannot find housing they can afford even if they get a job. Because this proposal required local matching funds, IFC and OCHC Boards decided to postpone the application until next year. OCHC is also considering a request from the Mental Health Association of Orange County for $2,500 to prepare an application for funds to construct 14 apartment units in Chapel Hill for persons with mental illness. The AIDS Service Agency of Orange County has also requested that OCHC work with them in their search for a family care home for Persons with AIDS. Orange Community Housing Corporation 1=Y 1990 -91 Annual Report Page 3